DrewFitzGerald

American depositary shares of the company were up 1.3%, to $3.98 after hours. They were off 35% over the past year through the close.

Shanda games generates most of its revenue from massively multiplayer online role-playing games, or MMORPGs, which support hundreds or thousands of players at the same time.

Earnings had climbed in the previous two quarters as the company reported more users, though the latest quarter's result suffered from an accrued withholding tax tied to the company's distribution of dividends to its subsidiaries overseas.

The market for the games still continues to grow as China's Internet connectivity expands. In December, Shanda games said strong cash flow allowed it to offer a special dividend.

Overseas revenue also surged 89% as the company promoted more products abroad.

"Our revenues have been more diversified as we strive to provide a constant stream of new content," Chairman and Chief Executive Alan Tan said.

The company posted a profit of 304.3 million yuan, ($48.3 million), or CNY1.08 (17 U.S. cents) an American depositary share, down from 366.6 million yuan, or CNY1.30 an ADS, a year earlier. Excluding stock-based compensation and other adjustments, earnings slipped to CNY1.20 (19 U.S. cents) from CNY1.50 a share.

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